If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Ready to integrate payment processing solutions into your new business? Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period.
Best Collection Agency Merchant Accounts For 2023 - Merchant Maverick 4 Best Merchant Accounts For Collection Agencies Collection agencies require a merchant account provider that supports over-the-phone as well as online payment processing and facilitates timely consumer payments to prevent interruptions to revenue streams. Merchant Processing Advisors can find multiple merchant account providers and can offer virtual terminals and payment gateways that allow their clients to process payments in a secure manner. Also that free terminal will cost you $350 when you try to cancel the account. The merchant solutions is the most horrible company I have ever dealt with. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. the name of the creditor you owe it to. This Post Might Help: Best Restaurant Merchant Accounts.
Opens accounts with terms not agreed to. If you hear from them just Run!!! Banks consider collection agencies as high-risk for several reasons, the first of which being the sometimes-negative public perception of the debt collection industry. Then I began getting charged a PCI non compliant fee $40.00. We also encourage merchants to check out our list of the providers of the, This does not compare favorably to our list of, What Others Are Saying About The Merchant Solutions, Send me an email notification when someone replies to my comment. If your company is in the business of collecting debts, then you will need to have some way to process payments. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your company's needs.. To know the right provider, here are factors to consider when . close down your account. Lending and Debt Repayment Merchant Accounts. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. The companys chargeback and fraud prevention assistance is a huge help to high-risk collection agencies and can go a long way toward making your customers more satisfied with your customer support systems and less likely to initiate chargebacks. Essentially, they steal from the customer. I cant seem to get anywhere with phone calls to the company and have been shuffled around so much that I think everyone that answers the phone is a supervisorbecause that is always what the last person tells me they are transferring me to. My contract ends in January 2015 and I am looking forward to it. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. As is the case with other industries that fall into the high-risk category, collection agencies operate in an unstable regulatory climate and unfortunately experience a higher risk of unreliable streams of income. If youre interested in securing a virtual terminal that you can integrate with your businesss payment processing solutions, we recommend that you choose an online payment processor with systems to combat card-related consumer chargebacks that minimize interruptions to your revenue stream. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). Their charges are exhorbitant. Some of these limitations can be pretty tough on a business, particularly in their early days. Still interested? AFNI Collections Agency Mailing Address: PO Box 3097Bloomington, IL 61702-3427 Phone: 866-352-0479 PFD: Yes https://www.afnicollections.com/ Alacrity Collections Corp. 1-800-355-2221 PFD: Unknown Aldous & Associates (1) 385-388-8005 PFD: Unknown All Debt Solutions, Inc. (774) 804-3328 PFD: Unknown Many other high-risk merchants are notorious for offering card readers and monthly gateway fees, but Durango helps new collection agencies set themselves up for affordable success by making its hardware directly for sale online. As a debt collection agency is a high risk merchant due to the increased chances of fraud or chargebacks, Merchant Processing Advisors can find merchant . How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, automated clearing house (ACH)/electronic fund transfer (EFT) payments, types of professional liability insurance, complete list of High-Risk Merchant Account Reviews, The 6 Best E-Cigarette & Vape Merchant Accounts, The Best Options For Fantasy Sports Merchant Accounts (& How To Get Your Account Approved), The Best Merchant Accounts For Travel Agencies, Booking Firms, Tour Operators & Other Travel Businesses, FreshBooks Payments 101: The Complete Guide To Using FreshBooks Credit Card Processing Service, Coronavirus (COVID-19) Guides & Resources, Gift Card Systems For Small Business Guide: Best Ways To Sell Small Business Gift Cards In 2023, 8 Cheapest Credit Card Processing Companies & Low-Cost Merchant Services, Best Emergency Business Loan Options For Your Small Business, What Is Shopify & How To Use Shopify In 2023. They have terrible reviews on google and many many complains on BBB. Flexible and transparent pricing suits high- and low-ticket agencies. This is a business that is rife with fraud and chargebacks. The payment processors tiered pricing plan increases processing rates for non-qualified and mid-qualified transactions as well, which can be particularly constricting for very new collection agencies. This company is a bunch of scam artists charging a early termination fee of 395 after we were with this company 6 yrs and only had a 3 yr contract which they took upon themselves to renew, charges for non compliance because they decided to switch companies for their compliance when I was compliant through April of 2013 and now a $50 fee for refurbishing,, it is not my problem that they need to refurbish a machine. They have hired unqualified reps who dont know how to initiate talks with a new business, seems like working for paycheck only, doesnt seem they take ownership in helping future customers. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. 1008 Mattlind Way. All feedback, positive or negative, helps us to improve the way we help small businesses. Upon cancellation after over 4 years I returned the machine in good order. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. Both were resolved to the dissatisfaction of the merchant or received no final response. This credit card processing company is HORRIBLE! The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. Help us to improve by providing some feedback on your experience today. If that happens, then it will be the merchant account provider on the line. Now they have charged me with a PCA compliance processing fee of $149, payable annually. If you are looking for a merchant account for your debt collection company, or you have any questions about the services that we provide, then please reach out to us today. Get clarity before you switch. To better understand why we adjust BBB ratings, please see our Rating Criteria. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. If you would like to interview Phillip for your story or podcast, please reach out here. I set up a payment arrangement . Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers' employers, co-workers, family members, and friends. These companies and people are banned, by federal court orders, from participating in the business of debt collection. This means that you will be out of business. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Call 1-888-288-2692. Due to the unique processes we have in place, we can offer affordable rates for our services. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. This is very dishonest company with deceptive business practices. They bill me $100.00 more for the first month & when I complained they told me they going to have a rate review and correct it, the second months they did the same, one week in the third months I stop using them for processing and then they threatening me with a $495.00 early termination fee that I cross in the application then I find out that Daniel A. forged my initial and change the page. The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. eMerchantBroker can . On November 30, 2021, the Debt Collection Rule became effective. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. These revenues in no way influence our ratings or reviews. For instance, some payment processing providers who work with debt collectors may offer services such as chargeback prevention and no additional cost when processing certain transactions. Not much, but still more than disclosed. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. . When you should have paid 1.62. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. FTC Staff. See Who The Worst Processors Are. Consider the following points to more easily smooth over your application process for a collection agency merchant account: Business owners starting new collection agencies or even expanding existing ones need merchant account providers that minimize the stresses that come with the debt collection industry, not exacerbate them. Take a few minutes to get comfortable with the process of choosing a provider for your debt collection agency and learn how to decide on a provider with minimal frustration. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services.
Dont give them, or their mother company, First Data, your business!!! They charge for any reason and they have a lot mistake they charge me before even i start with them for $28 and when i called them they said that was mistake they charge me $39 and $69 for annual fee and i just work with them a few days. If anyone has a better option please let me know. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Thanks ANAIS. They will rip u off and their owner Taufiq trains his employees to lie, steal, cheat and deceive their customers who are trying to run an honest businesd. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. : 182 3125, Competition and Consumer Protection Guidance Documents, HSR threshold adjustments and reportability for 2023, A Century of Technological Evolution at the Federal Trade Commission, National Consumer Protection Week 2023 Begins Sunday, March 5, FTC at the 65th Annual Heard Museum Guild Indian Fair & Market - NCPW 2023. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. With a unique regulatory background and experience in high-risk industries, Flex Payment Solutions offers credit card processing that integrates simply with your system, full transparency on fees and 100% compliance. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). i signed up a few weeks ago and havent been able to get into contact with them since. A recent negative review mentions poor sales techniques: Merchants that are worried about undesirable fees being added to their contracts should review which contract terms to avoid. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. Just yesterday, The Merchant Solutions sent me a new bill for $114 just for February account administration fees alone, even though I returned their machine in mid January and directed them to close my account immediately in January. The overall household debt for an average family increased by 11% during the last 10 years. Opinions expressed here are authors alone. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. Before sharing sensitive information, make sure youre on a federal government site. Click here to earn a reward. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 I will make sure this is my last time using this company. When I set up an account they told me there would be no contract if I used the mobile software and no fees just the $9.00 per month maintenance fee. I have proof of all deductions after I cancelled. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. 651-398-1636. Although users may request an interchange-plus pricing plan, PayKings non-transparent pricing and early termination fees can actually work against up-and-coming collection agencies that may not have a consistent stream of revenue. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales Note that we are not able to provide private consultations, give advice, or answer questions. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. Payment Processing . one year. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. It only makes sense then that the best collection agency merchant account providers offer processing options for multiple payment types and a reliable system to fight chargebacks and fraud. Our integrations connect you with the best tools for your business. Anybody have any suggestions for getting out of this company? In addition to its storefront payment processing services, The Merchant Solutions also dedicates a portion of its website to advertising its virtual terminalandpayment gateway services. Monthly Processing Range Debt Collection Agency Merchant Services, Collection Agency Credit Card Processing Collection Agency Merchant Account Solutions At Premier One Payments, we are the rare merchant account services provider that is ready and willing to work with collection agencies. The Merchant Solutions commits serious unethical and possibly illegal business practices, and you can see their legacy of fraud at RipOff Report.com or the BBB for Woodland Hills California, or on Yelp.com. I have no other choice than to seek legal action against Merchant Solutions and/or the agent that opened up a second account with forged/copied paperwork. Copyright 2020 eMerchant Authority | Website by JM Marketing. HORRIBLE !
How to tell the difference between a legitimate debt collector and Debt Collection Merchant Services - Merchant Card Advisors MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Find legal resources and guidance to understand your business responsibilities and comply with the law. She said that I would need to submit an application in order to verify the discounts they were offering. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. A collection agency merchant account is classified as high risk for a number of reasons.
Complaints for Recovery Solutions Group, LLC - Better Business Bureau PaymentCloud can help almost any business get approved for payment processing. they hurt me by taking un authorized money out of my account I was charged a cancellation fee for an account they had no authorization to open and then when I called to cancel they said they needed a signature. They need to know that if they are going to be offering you services that there is a strong chance that they will get their money back in the event of a chargeback. I was never given a written contract had computer generated signature. Let us know how well the content on this page solved your problem today. Signature not by me, computer generated. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. Soar Payments works exclusively with U.S.-based agencies and therefore doesnt support payment processing to offshore accounts that international merchants may need to handle. BE AWARE!!! MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. SAVE YOURSELF THE HEADACHE! CardPaymentOptions.com, Inc. All Rights Reserved. eMerchant Authority operates an in-house underwriting team. It isnt just the finances of your business that they pay attention to either. The path toward getting your collection agency off the ground is rife with hurdles that take the form of legal obligations, a complicated and sometimes bleak industry reputation, and the constant risk of interruption to your businesss revenue. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. Their hidden fees are through the roof. Better look for alternatives. Were never worried about our overdue receivables. said no business ever. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. The Signature page of the second contract is an EXACT COPY of the account I did open. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. They may even have maximum limits to any transactions that you complete. Verify before you sign with this company. $35.00 I should have closed my bank account the minute we closed our business so I could have avoided all of this. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors.
Merchant Solutions Group - Merchant Cash Advance | Working Capital From The Editor If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. The collections industry is a particularly high-risk one, and some high-risk merchant account providers still dont suit the needs of new and growing debt collection businesses. We have focused on merchant cash advances over two decades. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Remember; if you do not take the time to find a merchant account designed for high-risk businesses like yours, your company could lose its ability to process transactions overnight. Customer service is horrible. Their customer service is simple horrible. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. By working with eMerchant Authority, this is a problem that can be avoided.